Press release
Surety Market Report, Size, Share, Growth, Trends, Industry Analysis, Forecast to 2033
Surety Market Report
The new report published by The Business Research Company, titled Surety Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the surety market size has grown strongly in recent years. It will grow from $18.38 billion in 2023 to $19.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The surety market size is expected to see strong growth in the next few years. It will grow to $25.6 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
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What Is Driving The Growth Of The Global Surety Market?
Growth Of Digital Payment Services Driving Expansion In The Surety Market
The growing use of digital payment services is expected to propel the growth of the surety market going forward. Digital payment refers to the services that involve using electronic channels and mobile devices to facilitate monetary transactions online. Higher smartphone usage, better internet access, advanced security measures, and user convenience drive digital payment. Surety helps by providing a financial guarantee that ensures the performance and reliability of service providers, protecting users from potential losses due to fraud, service disruptions, or non-compliance with contractual obligations. For instance, in February 2023, according to the Ministry of Electronics & IT, an India-based ministry, total number of digital transactions was valued at 8,840 crore ($1.056 billion) in 2021-2022, reaching 9,192 crore ($1.097 billion) till December 2022. Therefore, the growing use of digital payment services drives the surety market.
What Is The Key Trend In The Global Surety Market?
ICICI Lombard Launches Surety Insurance To Enhance Financial Security And Risk Management
Major companies operating in the surety market are developing surety insurance to enhance financial security and meet the growing demand for risk management solutions. Surety insurance, also known as surety bonds provides a financial guarantee that obligations will be fulfilled, offering protection and confidence to parties involved in various transactions and contracts. For instance, in July 2024, ICICI Lombard, an India-based insurance company, launched surety insurance, offering financial guarantees to ensure contractors meet their obligations. This product frees up banking lines and supports larger projects by providing both conditional and unconditional options, advanced risk management, and improved financial flexibility. Its introduction is significant in the surety insurance market, addressing the growing infrastructure sector's demand for effective risk mitigation and helping businesses secure larger, high-value contracts.
How Is The Global Surety Market Segmented?
The surety market covered in this report is segmented -
1) By Bond Type: Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, Court Surety Bond
2) By Application: Government Agencies, Enterprise
3) By End User: Businesses, Contractors, Construction Organizations, Government Agencies, Suppliers, Service Providers And Individuals
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How Is The Competitive Landscape Of The Global Surety Market?
Major companies operating in the surety market are Berkshire Hathaway Specialty Insurance Company, Nationwide Financial General Agency Inc., Liberty Mutual Group, Zurich Insurance Group Ltd, Chubb Limited, The Travelers Indemnity Company, The Hartford Financial Services Group Inc., Marsh & McLennan Companies Inc, Intact Financial Corporation, QBE Insurance Group Limited, Aon plc, Everest Group Ltd, CNA Financial Corporation, Markel Corporation, Arch Capital Group Ltd, AssuredPartners Inc., Old Republic International Corporation, American Financial Group Inc., AmTrust Financial Services Inc., The Hanover Insurance Group Inc., Crum & Forster Insurance, Starr International Company Inc., Tokio Marine Holdings Inc., Allianz Trade , Aspen Insurance Holdings Limited, IAT Insurance Group Inc., EverQuote Inc., J.S. Held LLC, Prime Insurance Company Limited, American Surety Company
Contents Of The Global Surety Market
1. Executive Summary
2. Surety Market Report Structure
3. Surety Market Trends And Strategies
4. Surety Market - Macro Economic Scenario
5. Surety Market Size And Growth
…..
27. Surety Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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